What is IntraFi Cash Service (ICS)?
Maximize Access to FDIC Coverage
IntraFi Cash Service is an easy-to-use way to maximize access to FDIC coverage for large deposits through a network of banks that exchange deposits to ensure that a depositor’s total balance is FDIC insured. When a client deposits an amount over the standard FDIC-insured limit, that overage is sent to other banks on the IntraFi network and held in an FDIC-insured account.
Key Benefits
Enjoy Peace of Mind
Relax knowing that your funds are eligible for multi-million-dollar FDIC insurance protection that’s backed by the United States government.
Maintain Financial Flexibility
Enjoy access to funds placed into demand deposit accounts and money market accounts through a single interface.
Support Your Community
Feel good knowing that the full amount of funds placed through ICS can stay local to support lending opportunities that build a stronger community.
Save Time
Work directly with Leader Bank to maximize access to FDIC coverage, and say ‘goodbye’ to tracking collateral on an ongoing basis, managing multiple bank relationships, manually consolidating bank statements, and other time-consuming workarounds.
EDIE Calculator
The Electronic Deposit Insurance Estimator below is designed to give you an accurate calculation of insurance coverage on your electronic deposits. Simply enter your bank and account information and you’ll be able to view and print a report with all of the relevant information!
Frequently Asked Questions
Leader Bank, like other institutions that offer IntraFi, are members of a network. When you use ICS to place funds, that deposit is divided into amounts under the standard FDIC insurance maximum and placed in deposit accounts at other FDIC-insured banks. You receive just one monthly statement detailing all your placements.
There is no fee for enrolling in IntraFi. However, interest rates on IntraFi accounts vary. If you have questions, please reach out. Personal banking clients can contact our Client Services team at 781-641-8686 or depositaccounts@leaderbank.com and business banking clients can contact bbo@leaderbank.com.
Yes. IntraFi accepts deposits up to $100 million per depositor. This makes it a wonderful product for businesses and high-net-worth individuals.
Yes. You will see the institutions that are holding your funds on your statement. All institutions in the network are FDIC insured, so the funds held at those institutions will be covered.
Deposited funds are exchanged with a partner bank on a dollar-for-dollar basis with other institutions that use IntraFi network deposits. Leader Bank can use the full amount of a deposit placed through IntraFi network deposits for local lending.*
No. You will still have access to your entire balance and can manage your money as if it were in a single account.
* When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS, our bank can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending. Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.
